Alien Banking Act | ChamberLight

IN COMMITTEE· 119TH CONGRESS

House BillHR 7842Immigration

Alien Banking Act

INTRO MAR 5· LAST ACTION MAR 5

READING

4MIN

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LEGISLATIVE PROGRESS

STEP 2 / 8

Introduced

In Committee

Reported

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Passed Senate

Conference

To President

Became Law

WHAT THE BILL DOES

AI-written

This bill aims to restrict access to the U.S. financial system for individuals not legally present in the country. If it becomes law, it would significantly change how banks identify customers, adding a layer of immigration status verification that isn't currently universally required for all deposit accounts. This could make it harder for undocumented immigrants to save money, receive wages, or manage their finances through traditional banking, potentially pushing them towards alternative, less secure financial services.

For U.S. citizens and legal residents, it would add one more mandatory step to the process of opening a bank account. The bill's passage would represent a major shift in how immigration enforcement interacts with financial institutions, potentially increasing the burden on banks and introducing new legal risks for individuals and institutions alike. It connects directly to ongoing debates about immigration policy and access to essential services.

KEY PROVISIONS

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PROVISION 01

Requires individuals opening new deposit accounts to attest under oath that they are lawfully present in the U.S.

This introduces a new mandatory step and a legal requirement for all bank account applicants regarding their immigration status.

PROVISION 02

Prohibits banks from opening or maintaining accounts for individuals who do not provide this attestation or are found to be unlawfully present.

This would effectively block undocumented immigrants from accessing traditional banking services.

PROVISION 03

Imposes severe civil and criminal penalties, including fines, imprisonment, and forfeiture of account assets, for knowingly making a false attestation.

These penalties are designed to deter individuals from lying about their immigration status to open accounts, with significant financial and personal consequences.

PROVISION 04

Requires banks to report to federal authorities (Homeland Security and the Attorney General) if they suspect an individual has made a false attestation.

This turns financial institutions into a mechanism for immigration enforcement by requiring them to flag suspicious activity related to immigration status.

PROVISION 05

Directs federal agencies to issue regulations and guidelines to implement these new requirements within 180 days of the bill becoming law.

This ensures clear instructions for financial institutions on how to comply with the new requirements.

SPONSORSHIP

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COSPONSOR BREAKDOWNBIPARTISAN · 0%

DEM 0 REP 2 IND 0

ACTION TIMELINE

2 EVENTS

MAR 5

Introduced in House

INTROREFERRAL

MAR 5

Referred to the House Committee on Financial Services.

HOUSE · INTROREFERRAL

BILL INFO

TypeHouse Bill

NumberHR 7842

Congress119th

StatusIn Committee

IntroducedMar 5, 2026

Last actionMar 5, 2026

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IN COMMITTEE· 119TH CONGRESS · FINANCIAL SERVICES COMMITTEE · INTRODUCED MAR 5, 2026

House BillHR 7842Immigration

Alien Banking Act

INTRODUCED MAR 5, 2026· LAST ACTION MAR 5, 2026

PASSAGE CHANCES

—%

READING

4 min

COSPONSORS

COMPLEXITY

Moderate

Call my reps Congress.gov

LEGISLATIVE PROGRESS

STEP 2 OF 8

Introduced

In Committee

Reported

Passed House

Passed Senate

Conference

To President

Became Law

Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law

WHAT THE BILL DOES

AI-written

KEY PROVISIONS

AI-extracted

high

Requires individuals opening new deposit accounts to attest under oath that they are lawfully present in the U.S.

This introduces a new mandatory step and a legal requirement for all bank account applicants regarding their immigration status.

high

Prohibits banks from opening or maintaining accounts for individuals who do not provide this attestation or are found to be unlawfully present.

This would effectively block undocumented immigrants from accessing traditional banking services.

high

Imposes severe civil and criminal penalties, including fines, imprisonment, and forfeiture of account assets, for knowingly making a false attestation.

These penalties are designed to deter individuals from lying about their immigration status to open accounts, with significant financial and personal consequences.

med

Requires banks to report to federal authorities (Homeland Security and the Attorney General) if they suspect an individual has made a false attestation.

This turns financial institutions into a mechanism for immigration enforcement by requiring them to flag suspicious activity related to immigration status.

low

Directs federal agencies to issue regulations and guidelines to implement these new requirements within 180 days of the bill becoming law.

This ensures clear instructions for financial institutions on how to comply with the new requirements.

DEADLINES & DATES

AI-extracted

An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Not later than 180 days after the date of enactment.

Secretary of the Treasury, in consultation with Secretary of Homeland Security and Attorney General, shall issue regulations to implement the Act.

1 year after the date of enactment.

The provisions added by the amendments made by this Act shall take effect.

PENALTIES & ENFORCEMENT

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An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

TYPE	AMOUNT	WHO
civil	Not less than $10,000 and not more than $50,000	Any individual who knowingly makes a false attestation.
criminal	Fined under title 18, United States Code (not to exceed $250,000), imprisoned not more than 5 years, or both.	Any individual who knowingly makes a false attestation.
civil forfeiture	Any property contained in the account and any property otherwise traceable to the account.	Any individual knowingly making a false attestation.
criminal forfeiture	All property contained in the account and any property otherwise traceable to the account.	Any individual knowingly making a false attestation.

GLOSSARY

AI-written

Financial Institution: A bank, credit union, or similar place where people keep and manage their money.
Deposit Account: A bank account where you put money, like a checking or savings account.
Attest: To declare or affirm that something is true, often by signing a document or checking a box.
Lawful Presence: Being legally allowed to be in the United States, whether as a U.S. citizen, a permanent resident (green card holder), or someone with a valid visa or other authorized status.
Penalty of Perjury: A legal warning that lying on a document or under oath can lead to criminal prosecution and punishment, including fines or prison time.
Forfeiture: When the government legally takes away money or property from an individual, often because it was involved in or obtained through a crime.
Customer Identification Programs (CIP): Rules that require financial institutions to verify the identity of their customers to prevent money laundering and other illicit activities.

ACTION TIMELINE

2 EVENTS

MAR 5

Introduced in House

INTROREFERRAL

MAR 5

Referred to the House Committee on Financial Services.

INTROREFERRAL

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Alien Banking Act

LEGISLATIVE PROGRESS

WHAT THE BILL DOES

KEY PROVISIONS

SPONSORSHIP

ACTION TIMELINE

BILL INFO

READER REACTIONS

Discussion

Alien Banking Act

LEGISLATIVE PROGRESS

WHAT THE BILL DOES

KEY PROVISIONS

DEADLINES & DATES

PENALTIES & ENFORCEMENT

GLOSSARY

ACTION TIMELINE

SPONSORS

READER REACTIONS

What do you think?

Discussion

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